Amphenol vs Dell: Revenue, Profit and Business Model
Amphenol reported $23.1B of revenue in FY2025 and $4.3B of net income. Dell reported $113.5B of revenue in FY2026 and $5.9B of net income.
Latest financial snapshot
Financial summary
Amphenol
Amphenol compounds through acquisition in a fragmented industry. Net sales rose from $12.55 billion in 2023 to $15.22 billion in 2024 and $23.09 billion in 2025, and net income rose from $1.93 billion to $2.42 billion and then $4.27 billion across the same three years. Fiscal 2025 produced a 25.4% GAAP operating margin, $5.4 billion of operating cash flow and $4.4 billion of free cash flow, and the company returned nearly $1.5 billion to shareholders while completing five acquisitions. The pattern is consistent: buy niche connector, cable and sensor makers, leave their management and brands in place, add purchasing scale, and fund the next deal from cash flow and investment grade debt.
Dell
Dell's fiscal year ends in late January or early February. Revenue fell from $102.3 billion in fiscal 2023 to $88.4 billion in fiscal 2024 as post-pandemic PC demand faded, then recovered to $95.6 billion in fiscal 2025 and a record $113.5 billion in fiscal 2026, when net income reached $5.94 billion, operating cash flow topped $11 billion and $7.5 billion was returned to shareholders. Fiscal 2027 has accelerated: Q1 revenue was $43.8 billion (up 88%) and Q2 revenue was $47.0 billion (up 58%), with Q2 diluted EPS of $6.34. In September 2026 Dell raised full-year fiscal 2027 guidance to about $192 billion in revenue and $25.50 in non-GAAP EPS. The balance sheet still carries debt from the 2016 EMC deal, though leverage has fallen through the VMware spin-off and cash generation.
Revenue and profit by year
Amphenol
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $23.1B | $4.3B | 18.5% | +51.7% | Source |
| FY2024 | $15.2B | $2.4B | 15.9% | +21.3% | Source |
| FY2023 | $12.6B | $1.9B | 15.4% | -0.5% | Source |
| FY2022 | $12.6B | $1.9B | 15.1% | +16.1% | Source |
| FY2021 | $10.9B | $1.6B | 14.6% | +26.5% | Source |
| FY2020 | $8.6B | $1.2B | 14.0% | +4.5% | Source |
| FY2019 | $8.2B | $1.2B | 14.0% | +0.3% | Source |
| FY2018 | $8.2B | $1.2B | 14.7% | +17.0% | Source |
| FY2017 | $7B | $650.5M | 9.3% | +11.5% | Source |
| FY2016 | $6.3B | $822.9M | 13.1% | — | Source |
Where the revenue comes from
Amphenol
- Communications Solutions~52%
High-speed board-to-board and backplane connectors, fiber optic interconnects, RF and microwave connectors, antennas, and cable assemblies for IT datacom, mobile networks, mobile devices, automotive, and broadband communications. FY2025 revenue of $12.1 billion, up 91% YoY, driven by $4.6 billion in incremental AI datacom sales.
- Harsh Environment Solutions~25%
Ruggedized connectors, cable assemblies, and interconnect systems for defense, commercial aerospace, industrial, and automotive applications that must withstand extreme temperatures, vibration, moisture, and electromagnetic interference. FY2025 revenue of $5.9 billion, up 33% YoY, with significant contributions from the Carlisle Interconnect Technologies acquisition.
- Interconnect and Sensor Systems~22%
Sensor technologies, value-added cable assemblies, and specialized interconnect products for automotive, industrial, IT datacom, and medical applications. FY2025 revenue of $5.2 billion, up 15% YoY, with growth in industrial sensors and the August 2025 acquisition of Rochester Sensors.
Dell
- Client SolutionsMajor
Revenue from commercial and consumer PCs, workstations, peripherals, and related support.
- Infrastructure SolutionsMajor
Revenue from servers, storage, networking, AI infrastructure, and data-center systems.
- Services, Support, and Financing
Supporting
Revenue from warranties, support contracts, deployment, managed services, and financing tied to hardware and infrastructure sales.
Business model and strategy
Amphenol
How it makes money
The business model is high volume, highly specialized B2B component manufacturing. Amphenol sells hundreds of thousands of connector, cable, antenna and sensor variants to thousands of customers, and no single end market dominates: in 2025, data centers and information technology accounted for 36% of sales, industrial 19%, automotive 15%, communications networks 10%, defense 9%, mobile devices 6% and commercial aeros…
Growth strategy
Amphenol's growth strategy has two parts: sell into secular demand and buy specialized suppliers. On the first, it builds high speed copper and optical interconnects for AI clusters, including the Celerity mezzanine connector family rated to 224 Gb/s PAM4 and XtremePass co-packaged copper interconnects aimed at 448G class links, plus high voltage connectors and sensors for electric vehicles, which carry more wiring a…
Competitive advantage
Amphenol's competitive advantage rests on switching costs and the cost of failure. A connector may cost a few cents, but if it fails the aircraft, satellite or server rack around it stops working, so buyers qualify suppliers rather than shop on price.
Dell
How it makes money
Dell makes money by selling hardware plus attached services and financing. The Infrastructure Solutions Group sells AI-optimized servers built around Nvidia (and some AMD) accelerators, traditional PowerEdge servers, networking and storage to enterprises, cloud service providers and governments; in Q2 fiscal 2027 ISG produced $31.8 billion of revenue and $4.8 billion of operating income.
Growth strategy
Dell's growth strategy has three parts. First, win AI infrastructure share by shipping GPU-dense, liquid-cooled rack systems (PowerEdge XE servers with Nvidia Blackwell-generation GPUs) to neoclouds, sovereign AI programs and large enterprises, packaged as the Dell AI Factory.
Competitive advantage
Dell's edge is breadth and scale in enterprise relationships. It can sell a customer everything from 10,000 laptops to a liquid-cooled GPU cluster with storage, networking, deployment and financing under one contract, and support it worldwide.
Questions about Amphenol vs Dell
Which company has higher revenue — Amphenol Corporation or Dell Technologies Inc.?
Amphenol Corporation reported $23.1B (FY2025), while Dell Technologies Inc. reported $113.5B (FY2026). By last reported revenue, Dell Technologies Inc. is the larger business, with Amphenol Corporation reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Amphenol Corporation vs Dell Technologies Inc.?
Amphenol Corporation's market capitalisation stands at $208.6B, while Dell Technologies Inc.'s is $360.0B. Dell Technologies Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Amphenol Corporation.
Which is more financially efficient — Amphenol Corporation or Dell Technologies Inc.?
Amphenol Corporation generates $136k / employee in revenue per employee, while Dell Technologies Inc. generates $1.17M / employee. Dell Technologies Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Amphenol Corporation and Dell Technologies Inc. make money?
Amphenol Corporation and Dell Technologies Inc. generate revenue in fundamentally different ways. Amphenol Corporation: The business model is high volume, highly specialized B2B component manufacturing. Dell Technologies Inc.: Dell makes money by selling hardware plus attached services and financing.
Which company is valued higher relative to revenue — Amphenol Corporation or Dell Technologies Inc.?
On a price-to-sales (P/S) basis, Amphenol Corporation trades at 9.0x P/S and Dell Technologies Inc. at 3.2x P/S. Amphenol Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Dell Technologies Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Amphenol Corporation bigger than Dell Technologies Inc.?
By last reported revenue, Dell Technologies Inc. ($113.5B (FY2026)) is the larger company compared to Amphenol Corporation ($23.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Amphenol vs Dell overview